Business Archives | Page 7 of 100

Rupee Hits All-Time Low of 87.94 Against US Dollar: Experts Warn of Further Decline

February 10, 2025 Editor

The rupee’s fall comes at a time when it has already become Asia’s worst-performing currency of the year and as the RBI tries to build up its forex reserves. The rupee plunged 44 paise to hit an all-time low of 87.94 against the US dollar in early trade on Monday. This comes at a time when the rupee has already become Asia’s worst-performing currency of the year after experiencing a series of record lows, according to a Bloomberg report which cited brokerage firm Nomura. Why did the rupee fall? The rupee’s…

J&K Bank Receives Rs 16,000 Crore GST Notice; Legal Action Underway

February 6, 2025 Editor

Jammu and Kashmir Bank receives GST notice of over Rs 16,000 crore Jammu and Kashmir Bank (J&K Bank) announced on Wednesday that it has received a Goods and Services Tax (GST) notice amounting to over Rs 16,000 crore. Of this, Rs 8,130.66 crore pertains to the GST demand, with an equal amount imposed as a penalty, issued by the joint commissioner of the central GST commissionerate in Jammu. The bank has stated that it has taken appropriate legal action in the matter, as it believes that it has a strong…

Rupee Hits All-Time Low of 87.29 Against USD as Trump Tariffs Spark Trade War Concerns

February 3, 2025 Editor

Rupee hits record low of 87.29 against US dollar in early trade as Trump tariffs stoke trade war fears; US President Donald Trump had slapped Canada and Mexico with 25% duties and China with a 10% duty The rupee fell by 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday, February 3, 2025, a day after US President Donald Trump’s tariffs on Canada, Mexico and China that triggered fears of a broad trade war. At the interbank foreign exchange, the rupee opened…

KCCI Reacts to Union Budget 2025: Mixed Bag of Optimism and Concern

February 1, 2025 Editor

Kashmir Chamber of Commerce and Industry (KCCI) on Union Budget 2025-26 The Kashmir Chamber of Commerce and Industry (KCCI) has expressed a blend of optimism and concern following the Union Budget 2025-26 announcements. While the budget includes several commendable initiatives that promise to enhance economic activity, KCCI highlights the pressing need for a special revival and infrastructural development package tailored to the unique challenges faced by Jammu and Kashmir, especially considering the huge unemployment problem facing the region. Concerns Raised KCCI expresses concern over the absence of a special revival package…

KCCI Slams Sudden OTM Snub, Calls for High-Level Inquiry

January 28, 2025January 28, 2025 Editor

KCCI Meeting Addresses Sudden Cancellation of Tourism Participation at OTM Mumbai The Kashmir Chamber of Commerce and Industry (KCCI) convened a critical meeting today, attended by heads and representatives of 20 Hotel, Houseboat, travel, and tour organizations of Kashmir. The gathering aimed to deliberate on the serious situation arising from the Department of Tourism’s abrupt decision to cancel its participation in the Outbound Travel Mart (OTM), scheduled to be held in Mumbai from January 30 to February 1. For over two decades, the Department of Tourism has been an active…

KCCI Expresses Resentment Over Exclusion from Reconstituted Boards in J&K

January 23, 2025 Editor

Business Community Outraged: KCCI Left Out of J&K Industry Boards The Kashmir Chamber of Commerce and Industry (KCCI) has expressed strong resentment over its exclusion from the recently reconstituted Board of Directors of several key organizations in Jammu and Kashmir, including the J&K State Industrial Development Corporation Limited (SIDCO), J&K Small Scale Industries Development Corporation Limited (SICOP), Jammu and Kashmir Cements Limited (JKCL), Jammu and Kashmir Handicrafts and Handloom Corporation (JKHHC), Jammu and Kashmir Industries Limited (JKIL), and Jammu and Kashmir Khadi & Village Industries Board (KVIB). Key Concerns Raised…

Handicraft Market Alert: Dealers Advised to Stop Misleading Consumers with Machine-Made Goods

January 21, 2025 Editor

Don’t pass off machine-made products as hand-made: Govt to handicraft dealers J&K Handicrafts and Handloom Department on Monday warned showroom owners dealing with hand-made craft products to desist from selling machine-made items in the garb of genuine handmade products, failing which strict action under the ambit of Tourist Trade and Quality Control Acts shall be initiated. In an official statement, a spokesperson from the Handicrafts and Handloom Department stated that several complaints have been received by the department wherein machine-made Turkish carpets have been sold to tourists and other buyers…

Budget-Friendly Luxury: Vande Bharat Express Opens New Doors to Kashmir

January 3, 2025January 3, 2025 Editor

An Affordability Revolution for Kashmir’s Travel Economy By: Javid Amin January 2025 marks a groundbreaking chapter in Kashmir’s travel story with the much-anticipated launch of the Vande Bharat Express, India’s flagship semi-high-speed rail project. The train promises to transform the travel experience to and from the Valley, offering not just speed but unparalleled comfort and affordability. As this modern marvel takes its first journey, connecting New Delhi to Srinagar in just 13 hours, it sets the stage for a new era of connectivity, affordability, and economic growth for the region.…

KCCI Urges J&K Bank to Lift Monetary Caps on ‘Karz-se-Mukti’ Scheme

January 2, 2025 Editor

KCCI Pushes for Unrestricted ‘Karz-se-Mukti’ Scheme to Aid Borrowers Srinagar, January 1: The Kashmir Chamber of Commerce and Industry (KCCI) has called on Jammu & Kashmir Bank to eliminate all monetary caps and ceilings from its recently announced special one-time settlement scheme, named “Karz-se-Mukti.” According to the Chamber, the scheme must operate without any upper limits to effectively address the diverse needs of borrowers across all segments of the business community. The existing scheme includes a ceiling of ₹5 crore, which the Chamber identifies as a significant impediment to its…

Historic Milestone: Udhampur-Srinagar-Baramulla Rail Link Completed

December 14, 2024December 14, 2024 Editor

Udhampur-Baramulla rail line ready; Centre calls it milestone A significant milestone has been achieved with the completion of the final track work on the prestigious Udhampur-Srinagar-Baramulla Rail Link, connecting Kashmir with the rest of the country. The Ministry of Railways announced the development on Friday. Union Railways Minister Ashwini Vaishnaw shared the update on X, calling it a “historic milestone.” He stated, “Final track work on the Udhampur – Srinagar – Baramulla Rail Link is complete.” He further revealed that the ballast-less track work for the 3.2 km-long tunnel T-33,…